The Minister for Finance, Professor Edward Scicluna during a meeting of European and Asian Finance Ministers in Mongolia said that the financial and debt crises has proved an incentive for improving European institutions and rules, and has helped its members to think strategically on where they wanted to be in the future.

Minister Scicluna was a lead speaker during the session dedicated to Financial Stability at Regional and Global Level: Experiences from Asia and Europe. He was speaking on behalf of the EU Presidency Trio and thus gave an account of developments in the Eurozone with respect to its own Regional Financial Arrangement, the ESM.

The meeting was the 12th ASEM Finance Ministers' Meeting held in Ulaanbaatar, Mongolia on 9 -10 June 2016.

Finance Ministers conducted a comprehensive discussion on a range of issues of common European and Asian interests based on this year's theme "Partnership for Prosperous Connectivity Between Asia and Europe" underlining the importance of inter-regional cooperation between the Asian and European economies in the context of modest global growth amid high risks.

One topic which emerged was the slowdown in the Chinese economy and the challenges and opportunities that it creates for both the EU and Asian economies.

Another topic was how ASEM countries should take advantage of the current low interest rates to finance much needed infrastructure projects to connect Europe with Asia.

At a press conference following the meeting Minister Scicluna used the opportunity to enhance Malta's relations with Asian countries and highlight its participation in the AIIB, the recently set up Asian infrastructure and investment bank. Asia remains the world's most dynamic economic region with growth expected to be of around 5% in 2016.

ASEM is the Asia-Europe meeting which brings together Asian and European countries every two years. A series of meetings culminates with the ASEM Summit on the coming15 to 16 July 2016 for which country leaders including Malta's are expected to be present.